As April 15th approaches, many of us are looking for ways to maximize deductions on our tax bills. But, did you know that, as a home based business owner, you might be able to deduct a percentage your day-to-day household expenses?
Below are just a few of the expenses that may be considered tax deductible under the IRS Home Office deduction*:
There are two essential requirements you must meet in order to qualify for the deduction:
1. You must use that part of your home regularly and exclusively for business purposes.
2. The business part of your home must be either your principal place of business or the location where you meet with clients or customers in the normal course of conducting business.
So, if you're thinking about launching a home business this year, be sure to start by keeping good records so that you can capitalize on the tax savings next April!
Just another perk of working at home!
*P.S. For more detailed information about the Home Office deduction, visit homebusiness.about.com or consult a tax professional.
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